Pound Sterling Price News and Forecast: GBPUSD is steadily oscillating above 1.2400

FXStreet Team FXStreet

GBP/USD stabilizes above 1.2400 as USD index extends correction, US PCE in focus

GBP/USD is steadily oscillating above 1.2400 after a recovery move as USD Index has corrected to near 101.40. Upbeat US GDP and forward demand for Durable Goods have trimmed recession fears. UK FM Jeremy Hunt cited that tough decision taken by the administration in the autumn budget created a base for declining inflation.

GBP/USD

Overview
Today last price	1.2416
Today Daily Change	0.0018
Today Daily Change %	0.15
Today daily open	1.2398

Trends
Daily SMA20	1.2193
Daily SMA50	1.2142
Daily SMA100	1.1749
Daily SMA200	1.1968

Levels
Previous Daily High	1.24
Previous Daily Low	1.2283
Previous Weekly High	1.2436
Previous Weekly Low	1.2169
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2355
Daily Fibonacci 61.8%	1.2328
Daily Pivot Point S1	1.232
Daily Pivot Point S2	1.2243
Daily Pivot Point S3	1.2203
Daily Pivot Point R1	1.2437
Daily Pivot Point R2	1.2477
Daily Pivot Point R3	1.2554

Pound hits ceiling

The British Pound is testing the $1.2400 level this week, above which it failed to consolidate in the middle of last month. The GBPUSD has yet to trade consistently higher since last June. Looking at the entire rally from September's historic lows at 1.0327, the retreat from December's highs to 1.19 is a fairly common Fibonacci retracement to the 76.4% area of the original move, though not the classic 61.8%.

EUR/USD tumbles below 1.1800 as Middle East turmoil drives US Dollar demand

The EUR/USD pair falls to near 1.1770 during the early Asian session on Monday, pressured by a renewed US Dollar demand. The Greenback gathers strength against the Euro as the conflict across the Middle East is heightening traders' anxiety, boosting the safe-haven currencies.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Oil at a critical breakpoint: Will geopolitics trigger the next major move?

The week ahead blends two powerful forces: moderating economic momentum and increasing geopolitical tension. While US and Eurozone data suggest steady but unspectacular growth, rising friction between the US and Iran is injecting a fresh risk premium into energy markets.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.